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Summary Journal Entries & T-account
E2-2 Stine Company uses a job order costsystem. On May 1, the company has a balance in Work in Process Inventory of$3,500 and two jobs in process: Job No. 429 $2,000, and job no. 430 $1,500.During May, a summary of source documents reveals the following.
Job Number Materials Labor
Requisition Slips Time Tickets
429 $2,500 $1,900
430 3,500 3,000
431 4,400 $10,400 7,600 $12,500
General use ___ 800 1,200
$11,200 $13,700
StineCompany applies manufacturing overhead to jobs at an overhead rate of 60% ofdirect labor cost. Job No. 429 is completed during the month.
Instructions
Prepare summary journal entries torecord (i) the requisition slips, (ii) the time tickets, (iii) the assignmentof manufacturing overhead to jobs, and (iv) the completion of Job No. 429.
Post the entries to Work in ProcessInventory, and prove the agreement of the control account with the job costsheets. (Use a T-account.)
